Midas Holdings' JV wins a whopping RMB1.1b contract

It'll supply 29 train sets by 2016.

In a release, Midas Holdings Limited today announced that its joint venture company, Nanjing SR Puzhen Rail Transport Co., Ltd. , together with their consortium partners, Shanghai ALSTOM Transport Electrical Equipment Co., Ltd and ALSTOM Transport S.A., has secured a RMB1.1 billion contract.

The latest contract is awarded by Nanjing Metro Group Co., Ltd for the supply of 29 train sets (1 train set = 6 train cars), or 174 train cars, for Nanjing Metro Line 4 Phase 1 project, with delivery slated from 2014 to 2016.

This contract is expected to contribute positively to the Group’s financial performance for the 2014 to 2016 financial years. Commenting on NPRT’s latest contract win, Mr Patrick Chew, CEO of Midas, said, “We are delighted with NPRT and its consortium partners’ latest contract win for the Nanjing Metro Line.

This is NPRT’s fourth and largest contract in the year. Backed by its strong positioning as a leading licensed metro train manufacturer in China, NPRT is well-positioned to benefit from positive industry developments and we are optimistic on its contributions to Midas in the long run.”